MaureenM1 (PA)
Posts: 344
Posts: 344
Posted:
Myself and my neighbor are newly elected Board Members of our development. Per our declaration & bylaws Board Members are suppose to be informed of potential renters and receive a copy of the lease. The problem is the builder owns 8 of 24 units and is renting 6 with the possiblity of renting two more. Just last week a new renter moved in without us being notified( as board members) and approving the renters. The builder already has advertisements for rental on units that he is currently building.
Owners have informed me they are very dissatisfied with the builder because when we purchased we were told that our development was not going to be a "rental" community, however, it states in the bylaws that the declarant can rent all units he does not sell. He has 16 more units to sell so potentially he can build them and rent all of them which would make out development more renters than owners. We are still under declarant control and with the builder keeping a majority of the units for himself do not see how we will EVER gain control of the association???
The owners feel that their quality of life is being compromised and that the continue rentals by the builder is bringing down their home values. The builder is renting for $600.00 a month less than comparable townhouses in our area. They feel when potential buyers find out how many renters are in the development they will not want to purchase.
They want to see advice for legal counsel to see what their options are? I know we would need an attorney with condo law/real estate law experience. Any thoughts on this???
Owners have informed me they are very dissatisfied with the builder because when we purchased we were told that our development was not going to be a "rental" community, however, it states in the bylaws that the declarant can rent all units he does not sell. He has 16 more units to sell so potentially he can build them and rent all of them which would make out development more renters than owners. We are still under declarant control and with the builder keeping a majority of the units for himself do not see how we will EVER gain control of the association???
The owners feel that their quality of life is being compromised and that the continue rentals by the builder is bringing down their home values. The builder is renting for $600.00 a month less than comparable townhouses in our area. They feel when potential buyers find out how many renters are in the development they will not want to purchase.
They want to see advice for legal counsel to see what their options are? I know we would need an attorney with condo law/real estate law experience. Any thoughts on this???